GBP/USD Price Analysis: Seesaws near 1.3250, bearish pennant in focus

GBP/USD consolidates recent losses, picks up bids around yearly low.
Bearish chart pattern, absence of oversold RSI keep sellers hopeful.
Key SMAs, monthly resistance line adds to the upside filters.

Anil Panchal FXStreet

GBP/USD grinds lower despite picking up bids to 1.3250 during Wednesday’s Asian session.

The cable pair remains pressured for the last one week around the 20221 bottom. In doing so, it forms a bearish chart pattern called pennant and keeps the sellers hopeful. Also favoring the bears is an absence of the oversold RSI.

However, a clear downside break of 1.3220 becomes necessary for the GBP/USD sellers to aim for the theoretical target surrounding 1.2900.

During the fall, the yearly low near 1.3190 and the 1.3000 psychological magnet will act as intermediate halts.

Meanwhile, 50-SMA adds strength to the pennant’s resistance line, around 1.3290, to challenge the recovery moves.

Even if the quote rises past 1.3290, a convergence of the 100-SMA and one-month-old descending trend line near 1.3350 will be a tough nut to crack for the GBP/USD buyers.

To sum up, GBP/USD bears keep reins and await a clear break of 1.3220 for further dominance.

GBP/USD: Four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.3245
Today Daily Change	-0.0011
Today Daily Change %	-0.08%
Today daily open	1.3256

Trends
Daily SMA20	1.3373
Daily SMA50	1.3539
Daily SMA100	1.3664
Daily SMA200	1.3798

Levels
Previous Daily High	1.3287
Previous Daily Low	1.322
Previous Weekly High	1.3371
Previous Weekly Low	1.3194
Previous Monthly High	1.3698
Previous Monthly Low	1.3194
Daily Fibonacci 38.2%	1.3261
Daily Fibonacci 61.8%	1.3246
Daily Pivot Point S1	1.3222
Daily Pivot Point S2	1.3188
Daily Pivot Point S3	1.3156
Daily Pivot Point R1	1.3288
Daily Pivot Point R2	1.332
Daily Pivot Point R3	1.3354

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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